Always try out a company first with a demo account
It is good idea to use demo account at starting of forex trading. First of all, a trader should choose a reliable, trusted and regulated broker, then open a demo account there to doing trading practice. It may help you to test broker's services and its level.
And adding to this, I would further recommend that after you feel confident trading on a demo, to use a Micro account. Most brokers now a days offer that. This is the best way to risk not more than $50 to $100 and see you perform on the micro/cent accounts.
Doing the above will make you well versed with:
1) Spreads on the currency pairs
2) Swaps the broker charges
3) Connectivity issues if you face any
4) Customer support
@jb1981,
It is good idea to start real forex trading with Micro trading account but finding a reliable broker for micro account is very hard. Can you suggest a good broker regarding this?
Well my forex trading experience started with a micro account from Roboforex Pro-Cent. In all honesty it was a good experience. The only issue was that to modify S/L and T/P for open orders, the spread was too big.. example for XAGUSD, you could only set your Stops and take profits 1000 points above or below your entry.
For beginners, it (spread) shouldn't be a problem though.
Besides roboforex, you also have fxopen and a couple of other brokers. Choose wisely. So far I haven't had any issues with Roboforex so I would recommend them. Min. deposit for micro account starts with $10. This might seem a lot initially but its a good starting capital on a micro account.
Hope this helps.
Yes this is true we should always try in Demo Account first. Normally this is a good thing as we can be beneficial if we try Demo first. We should never let our ego hold on ourselves and we need to make sure we are doing things correctly. I also join a new site and the first thing i did was to register and then look into the demo account. This is very crucial people!!
Thanks jb1981 to share broker details about micro trading account. I will go for regulated forex broker.
Thanks jb1981 to share broker details about micro trading account. I will go for regulated forex broker.
Yep.. RoboForex is regulated by FSCL New Zealand.
Could you tell please have you broker any demo contest now? And if it is what prizes it provides? Thanks in advance.
Well Ray, are you talking about Forex gaming site who provide prizes for contest?? Well if that there are some site who where you can find that. I also did an experience and it was interesting. It is well apart from our old Forex trades
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Before we start talkingabout how we can make profit trading Forex, it'd be a good idea to defineprecisely what we are talking about...
You probably have already made exchanges between several currencies. I, forexample, have often loaded a debit card in US dollars to withdraw at the ATM inEuros. And each time, the final amount I am able to withdraw depends on thevalue of the Euro compared to the US Dollar. 100 USD may not be worth the sameamount in Euros today and tomorrow...
Well the Forex market is exactly about this: the value of one currency againstan other... You buy or sell a currency depending on the value you expect it tohave compared to an other currency. These are called currency pairs.
QUOTE
Definition: The foreignexchange (currency or forex or FX) market exists wherever one currency istraded for another. It is by far the largest financial market in the world, andincludes trading between large banks, central banks, currency speculators,multinational corporations, governments, and other financial markets andinstitutions. The average daily trade in the global forex and related marketscurrently is over US$ 3 trillion.
Important: Manual forex trading is a difficult activity. During your learningperiod, ALWAYS trade on a demo account (where no real money is at stake). Andif you do not feel confident enough, or if you do not have the time to tradeseriously, have a look at the auto trading thread for some tools that do notrequire you to trade by yourself.